A penetrating look into the unrecognized and unregulated links between autocratic regimes in Central Asia and centers of power and wealth throughout the West Weak, corrupt, and politically unstable, ...the former Soviet republics of Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan are dismissed as isolated and irrelevant to the outside world. But are they? This hard-hitting book argues that Central Asia is in reality a globalization leader with extensive involvement in economics, politics and security dynamics beyond its borders. Yet Central Asia's international activities are mostly hidden from view, with disturbing implications for world security. Based on years of research and involvement in the region, Alexander Cooley and John Heathershaw reveal how business networks, elite bank accounts, overseas courts, third-party brokers, and Western lawyers connect Central Asia's supposedly isolated leaders with global power centers. The authors also uncover widespread Western participation in money laundering, bribery, foreign lobbying by autocratic governments, and the exploiting of legal loopholes within Central Asia. Riveting and important, this book exposes the global connections of a troubled region that must no longer be ignored.
Jesus taught his followers that it is easier for a camel to go through the eye of a needle than for a rich man to enter heaven. Yet by the fall of Rome, the church was becoming rich beyond ...measure.Through the Eye of a Needleis a sweeping intellectual and social history of the vexing problem of wealth in Christianity in the waning days of the Roman Empire, written by the world's foremost scholar of late antiquity.
Peter Brown examines the rise of the church through the lens of money and the challenges it posed to an institution that espoused the virtue of poverty and called avarice the root of all evil. Drawing on the writings of major Christian thinkers such as Augustine, Ambrose, and Jerome, Brown examines the controversies and changing attitudes toward money caused by the influx of new wealth into church coffers, and describes the spectacular acts of divestment by rich donors and their growing influence in an empire beset with crisis. He shows how the use of wealth for the care of the poor competed with older forms of philanthropy deeply rooted in the Roman world, and sheds light on the ordinary people who gave away their money in hopes of treasure in heaven.
Through the Eye of a Needlechallenges the widely held notion that Christianity's growing wealth sapped Rome of its ability to resist the barbarian invasions, and offers a fresh perspective on the social history of the church in late antiquity.
We provide a systematic analysis of the properties of individual returns to wealth using 12 years of population data from Norway’s administrative tax records. We document a number of novel results. ...First, individuals earn markedly different average returns on their net worth (a standard deviation of 22.1%) and on its components. Second, heterogeneity in returns does not arise merely from differences in the allocation of wealth between safe and risky assets: returns are heterogeneous even within narrow asset classes. Third, returns are positively correlated with wealth: moving from the 10th to the 90th percentile of the net worth distribution increases the return by 18 percentage points (and 10 percentage points if looking at net-of-tax returns). Fourth, individual wealth returns exhibit substantial persistence over time. We argue that while this persistence partly arises from stable differences in risk exposure and assets scale, it also reflects heterogeneity in sophistication and financial information, as well as entrepreneurial talent. Finally, wealth returns are correlated across generations. We discuss the implications of these findings for several strands of the wealth inequality debate.
We combine national accounts, surveys, and new tax data to study the accumulation and distribution of income and wealth in China from 1978 to 2015. The national wealth-income ratio increased from 350 ...percent in 1978 to 700 percent in 2015, while the share of public property in national wealth declined from 70 percent to 30 percent. We provide sharp upward revision of official inequality estimates. The top 10 percent income share rose from 27 percent to 41 percent between 1978 and 2015; the bottom 50 percent share dropped from 27 percent to 15 percent. China’s inequality levels used to be close to Nordic countries and are now approaching US levels.
Stock Market Returns and Consumption DI MAGGIO, MARCO; KERMANI, AMIR; MAJLESI, KAVEH
The Journal of finance (New York),
December 2020, Letnik:
75, Številka:
6
Journal Article
Recenzirano
Odprti dostop
This paper employs Swedish data on households' stock holdings to investigate how consumption responds to changes in stock market returns. We instrument the actual capital gains and dividend payments ...with past portfolio weights. Unrealized capital gains lead to a marginal propensity to consume of 23% for the bottom 50% of the wealth distribution and about 3% for the top 30% of the wealth distribution. Household consumption is significantly more responsive to dividend payouts across all parts of the wealth distribution. Our findings are consistent with households treating capital gains and dividends as separate sources of income.
This paper combines national accounts, survey, wealth and fiscal data (including recently released tax data on high-income taxpayers) in order to provide consistent series on the accumulation and ...distribution of income and wealth in Russia from the Soviet period until the present day. We find that official survey-based measures vastly under-estimate the rise of inequality since 1990. According to our benchmark estimates, top income shares are now similar to (or higher than) the levels observed in the United States. We also find that inequality has increased substantially more in Russia than in China and other ex-communist countries in Eastern Europe. We relate this finding to the specific transition strategy followed in Russia. According to our benchmark estimates, the wealth held offshore by rich Russians is about three times larger than official net foreign reserves, and is comparable in magnitude to total household financial assets held in Russia.
PDF
